"Miami's real estate market continues to outpace national trends with average home prices reaching $1.13 million, nearly triple the national average of $647,307, according to the latest market data. The city's luxury segment is driving much of this growth, with over 2,100 properties listed at $1 million or higher. Current listing data shows Miami's median home price stands at $649,999, significantly higher than the national median of $379,000."
"Recently completed properties (built in 2023-2024) are commanding significant premiums in Miami, with an average price of $2.29 million, 102% higher than the overall Miami market average. These newer properties, representing approximately 4.6% of current Miami listings, typically feature modern designs and amenities that appeal to luxury buyers. Even more striking is the pipeline of upcoming construction projects. Properties slated for completion in 2025-2027 show an average listing price of $2.76 million, 21% higher than current new builds and 144% above the overall Miami average."
"These future properties are also significantly larger, averaging 2,789 square feet with 3.9 bedrooms and 4.0 bathrooms, compared to 2,068 square feet with 3.0 bedrooms and 2.9 bathrooms for recent construction. The luxury segment in Miami offers significantly more spacious accommodations than the overall market, with luxury properties averaging 2,672 square feet compared to the city-wide average of 1,591 square feet."
Miami's average home price is $1.13 million, nearly triple the national average of $647,307, with a median of $649,999 versus the national median of $379,000. The luxury segment comprises about 25.7% of listings, averaging $2.84 million, and includes over 2,100 properties priced $1 million or higher. Single-family homes average $1.41 million, multi-family $929,220, and land lots $1.9 million. Recently completed 2023–2024 properties average $2.29 million and represent 4.6% of listings. Properties planned for 2025–2027 average $2.76 million, are larger (2,789 sq ft, 3.9 beds, 4.0 baths), and exceed overall market averages.
Read at www.housingwire.com
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